Contract Liabilities

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Contract Liabilities

Contract Liabilities

As of September 30, 2024 and December 31, 2023, Contract liabilities were nil and $1.6 million, respectively.

As of December 31, 2023, the Company had received non-refundable deposit payments totaling $1.6 million in accordance with the Equipment Purchase Agreement for one SAG mill, one ball mill, and two substation transformers. Effective March 1, 2024, the buyer terminated a portion of the Equipment Purchase Agreement related to one ball mill and one SAG mill and effective April 5, 2024, the buyer terminated the balance of the Equipment Purchase Agreement. Because the sale did not materialize, the Company recognized $1.6 million as Other income during the nine months ended September 30, 2024, to account for the to account for the gain on forfeiture of non-refundable deposits. See Note 8 – Assets Held-For-Sale for additional information.